Wednesday, September 30, 2015
Thursday, September 17, 2015
This Company Turns Food Waste and Sewage Into Energy
When it comes to recycling, most people at least know how to dispose of things like plastic and aluminum. Food waste however, is another story.
It’s not that old food items can’t be used in other ways. It’s just much more difficult for recycling companies to sort through food waste when it’s usually combined with other things like paper plates and plastic spoons.
This Company Turns Food Waste and Sewage Into Energy
Students at two Indiana schools to experiment with energy storage - Duke Energy
INDIANAPOLIS, IND. -
Students at Bloomington High School South and Northwestern School Corporation in Kokomo will be saving renewable energy for future use.
Bloomington South, which already uses some solar panels, will now also test a storage system to capture solar power for use when the sun isn’t shining.
Bloomington South, which already uses some solar panels, will now also test a storage system to capture solar power for use when the sun isn’t shining.
Students at two Indiana schools to experiment with energy storage - Duke Energy
Wednesday, September 16, 2015
Obama pledges $120M toward solar power, clean energy | TheHill
The Obama administration announced Wednesday morning a series of efforts worth more than $120 million aimed at boosting solar and other clean energy sources.
The initiatives focus on the Department of Energy, where the bulk of the funding will go to programs to develop solar power technology and get it into homes, businesses and other facilities.
Obama pledges $120M toward solar power, clean energy | TheHill
Tuesday, September 15, 2015
Establishing the Next Generation of Solar Inverters for Utility Scale Solar PV Power Plants
From GE:
Establishing the Next Generation of Solar Inverters for Utility Scale Solar PV Power Plants
September 10, 2015
- The new higher voltage 1500V PV inverter marks a shift in the solar industry, enabling utility-scale solar plants to become more cost-effective
- GE Energy Management will deliver 1500V PV inverter solution totaling over 1GW for NextEra Energy Resource’s solar portfolio planned to start operation in 2015-2016
- GE is the first in the market with LV5 1500V PV inverter, one of the most efficient solutions for utility scale solar PV power plants
Las Vegas, NV – 10 September – GE's commitment to bring advanced technology to the solar industry is enabling higher energy efficiency and making what was once a high cost option for utilities a low cost alternative for generating electrical power. GE is at the forefront of bringing the latest inverter technology to market and is in the process of helping NextEra Energy Resources, LLC, a subsidiary of NextEra Energy, Inc., operate some of the most cost-effective solar parks in North America.
GE Energy Management’s Power Conversion business will provide its latest LV5 1500V solar inverters, both at 2MW and 4MW, to equip solar farms in various locations across the U.S.A. The total installed capacity will be over 1GW and the project marks a turning point in the industry; it is expected to be the fastest and the largest deployment of 1500V technology by a single developer in North America, marking an anticipated industry shift towards the 1500V solar plant design.
“In making our choice, we insisted on having a technology that would not only be dependable and reliable, but that would also help make our offering increasingly cost competitive while yielding optimized productivity. We are pleased to be partnering with GE Power Conversion to help us achieve this,” said Armando Pimentel, President and CEO, NextEra Energy Resources.
“The global solar industry is growing rapidly. Delivering a cost-effective solar power solution at utility scale is about finding ways to increase operational efficiency,” said Mark Begor, CEO, GE Energy Management. “GE is providing its latest technology that will efficiently convert solar energy into electricity. We are committed to delivering on NextEra Energy Resource’s expectations through the supply of our LV5 inverter and will provide support to help them drive down operating and maintenance costs over the life of their solar plants. ”
Building on the legacy of 1000V inverters, GE’s 1500V LV5 inverters are specifically designed for the solar industry. By increasing the voltage level, the LV5 inverter enables the inverter power station’s power rating to be doubled and thus decreases system losses and balance of plant costs. In addition, GE’s LV5 inverters have the latest software controls ensuring optimized power harvesting and a smooth integration of power produced into the grid.
This project also marks GE as an industry leader in providing a 4MW inverter solution. Compared to the conventional market offering of around 2MW, this 4MW block size means less inverter power stations leading to reduced construction costs and time, along with a significant reduction in operating expense.
Mahesh Gandhi, Director of North American Solar Sales and Business Development, GE Power Conversion said, “GE’s LV5 1500V inverter technology helps optimize the plant design by enabling a higher DC/AC ratio. This provides high technology maximum power-point tracking algorithms to help ensure maximum power throughput. GE is focused on providing the latest technology while ensuring all safety and quality standards are met while promoting high reliability when in operation. These factors are essential to keeping the plant cost down and providing increased plant efficiency to meet the extremely competitive North American solar market.”
GE’s LV5 inverter technology occupies a smaller footprint while enabling cost savings and ensures efficient and smooth operation with full flexibility. This is at the heart of the LV5 technology’s offering, helping to improve cost performance in the solar industry.
About GE
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
GE Energy Management provides customers with electrical solutions that enable local utilities and energy-intensive industries to more efficiently manage electricity from the point of generation to consumption. GE’s Power Conversion business, a business unit of GE Energy Management, applies the science and systems of power conversion to help drive the electrification of the world’s energy infrastructure by designing and delivering advanced motor, drive and control technologies that evolve today’s industrial processes for a cleaner, more productive future. Serving specialized sectors such as energy, marine, oil and gas, renewables and industry, through customized solutions and advanced technologies, GE Power Conversion partners with customers to maximize efficiency. To learn more, please visit: www.gepowerconversion.com
Monday, September 14, 2015
GE’s Integrated Biomass Gasification Solution to Power Phoenix Energy’s North Fork Project
From GE:
GE’s Integrated Biomass Gasification Solution to Power Phoenix Energy’s North Fork Project
September 9, 2015
- GE to Supply Gasification System and Jenbacher Engines for Project
- Phoenix Energy Planning Multiple Bioenergy Generation Projects in California
- GE’s Fuel-Flexible Distributed Power Solutions for Biomass Promote Regional Energy Security and California’s New Bioenergy Tariff
SAN FRANCISCO—September 9, 2015—GE’s Distributed Power business (NYSE: GE), Western Energy Systems and San Francisco-based Phoenix Energy today announced they have signed an agreement for GE to provide equipment for an integrated biomass gasification solution to power a bioenergy plant in North Fork, the next in a series of bioenergy plants that Phoenix Energy is building in the state. GE’s integrated biomass gasification solution includes an Ecomagination qualified, 1-megawatt engine and biomass gasification system. Phoenix Energy and GE have collaborated to design and implement this solution statewide.
For the North Fork project, Phoenix Energy will use the GE gasification solution to convert excess forest biomass to electricity, heat and biochar, supporting the state and federal efforts to reduce wildfire risk, eliminate wasteful pile and burn management practices and improve carbon sequestration. The renewable biomass is procured locally from U.S. Forest Service and CalFire managed lands. With GE’s process, the carbon in the biomass is left mostly in solid form as biochar. This biochar is then put back into California agriculture to improve soil health and water retention and can also be used as carbon filter media. GE will provide an integrated biomass solution including the gasifier, gas conditioning system and engine.
“GE is the first company to offer us a single end-to-end solution on the complete biomass system, rather than piecing it all together from multiple vendors. This is game changing for the forested communities,” said Phoenix Energy CEO Greg Stangl. “By working together, GE has given us the confidence that this is the right solution to use throughout California to produce sustainable local energy from local biomass, creating local jobs.”
The North Fork project is the recipient of a $4.9 million grant awarded by the California Energy Commission. Other Phoenix Energy projects nearing agreement will interconnect with various local utilities under California’s new SB-1122 legislation, which seeks to support further deployment of bioenergy in the state.
"The Energy Commission invests in innovative cleaner energy concepts like Phoenix Energy's North Fork project because they create a pathway towards achieving California energy and greenhouse gas emission reduction goals," said Rizaldo Aldas, the Energy Commission's renewable energy R&D program lead. "Bioenergy is environmentally and economically sustainable, and the successful development of projects like this one move biomass forward as a key renewable energy resource for the state."
Phoenix Energy plans to commence operation of the North Fork plant in the fourth quarter of 2016. GE and Western Energy Systems also will provide technical support and service for Phoenix Energy’s installed systems.
"This important agreement underscores our commitment to providing alternative energy solutions to help meet global energy goals for renewable power generation,” said Scott Nolen, global technical solutions leader for GE’s Distributed Power business. “Our gasification system and engines are designed to meet our customers’ needs for both high efficiency and reliability while increasing fuel flexibility. The Jenbacher system is well suited for Phoenix Energy’s process requirements.”
In October 2014, GE, Western Energy Systems and Phoenix Energy announced that GE would provide its Jenbacher J612 gas engines for Phoenix Energy’s Lake Tahoe site. The GE gas engines use syngas produced at Phoenix Energy’s biomass gasification facilities to generate renewable electricity.
About Phoenix Energy
Phoenix Energy is transforming the way the world makes and uses power. Phoenix Energy is a “private label” power company that builds, owns and operates small, on-site bioenergy plants in partnership with communities and businesses in the Ag, waste and forestry sectors. We enable our partners to become their own energy provider, producing electricity, heat and biochar at prices less than the traditional grid. We use local fuel to make local energy with and for local communities.
For more information, visit the company’s website at www.phoenixenergy.net.
About Western Energy Systems
Western Energy Systems (WES) is GE’s authorized distributor for Jenbacher gas engine systems throughout the western United States in California, Oregon, Alaska and Hawaii. Focused exclusively on gaseous fueled engine and power generation systems, WES provides comprehensive application, sales engineering, systems integration, parts and service capabilities. As part of the Penn DDA/Penn Power Systems organization, WES brings over 50 years of experience in engine power applications with renewable and fossil fuels. For more information, visit the company's website athttp://www.pennpowergroup.com/western-energy-systems.
About GE
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
About GE Power & Water
GE Power & Water provides customers with a broad array of power generation, energy delivery and water process technologies to solve their challenges locally. Power & Water works in all areas of the energy industry including renewable resources such as wind and solar, biogas and alternative fuels; and coal, oil, natural gas and nuclear energy. The business also develops advanced technologies to help solve the world’s most complex challenges related to water availability and quality. Power & Water’s six business units include Distributed Power, Nuclear Energy, Power Generation Products, Power Generation Services, Renewable Energy and Water & Process Technologies. Headquartered in Schenectady, N.Y., Power & Water is GE’s largest industrial business.
Small Hydropower
From the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy:
Small #hydropower projects similar to this one in#Washington state are shaping the next generation of#American hydropower. While hydropower already supplies roughly 7% of America’s #electricity and is considered the leading source of #renewable #energy, the nation still has significant untapped resources where new hydropower generating capabilities could boost our supply of carbon-free energy. Today, we announced seven new research and development projects to help shape the future of hydropower in the United States. Learn more: http://go.usa.gov/3ej8z.
Small #hydropower projects similar to this one in#Washington state are shaping the next generation of#American hydropower. While hydropower already supplies roughly 7% of America’s #electricity and is considered the leading source of #renewable #energy, the nation still has significant untapped resources where new hydropower generating capabilities could boost our supply of carbon-free energy. Today, we announced seven new research and development projects to help shape the future of hydropower in the United States. Learn more: http://go.usa.gov/3ej8z.
Sunday, September 13, 2015
Electric Vehicles
From the U.S. Department of Energy Office of Energy Efficiency and Renewable Energy:
#DidYouKnow there are now more than 350,000 plug-in electric vehicles (EVs) on the road in #America? EVs are the smartphones of cars – connected, fun and practical. To celebrate National Drive Electric Week, we’ll be featuring content about #EVs throughout the week. If you’re an EV owner or want to be one, share your EV story with photos, videos, and text on your Facebook page using #ILoveEVs and #NDEW2015. Also, be sure to enter our EV Everywhere logo competition before it closes on Sept. 25:http://go.usa.gov/3MStw.
Saturday, September 12, 2015
Wind Turbine on the West Side of Pittsfield, IL
Wind turbine on the west side of Pittsfield, IL. September 4, 2015.
Friday, September 11, 2015
Indictment Charges Three People with Running $54 Million Green Energy Ponzi Scheme
FBI Philadelphia Division #News Release:
Indictment Charges Three People with Running $54 Million Green Energy Ponzi Scheme
Indictment Charges Three People with Running $54 Million Green Energy Ponzi Scheme
| U.S. Attorney’s OfficeSeptember 03, 2015 |
PHILADELPHIA—An indictment was unsealed today charging three people in an investment scheme, involving a Bala Cynwyd, Pennsylvania-based company, that defrauded more than 300 investors from around the country. Troy Wragg, 34, a former resident of Philadelphia, PA, Amanda Knorr, 32, of Hellertown, PA, and Wayde McKelvy, 52, of Colorado, are charged with conspiracy to commit wire fraud, conspiracy to commit securities fraud, securities fraud, and seven counts of wire fraud, announced United States Attorney Zane David Memeger and FBI Special Agent-in-Charge William F. Sweeney, Jr.
As the founders of the Mantria Corporation, Wragg and Knorr allegedly promised investors huge returns for investments in supposedly profitable business ventures in real estate and “green energy.” According to the indictment, Mantria was a Ponzi scheme in which new investor money was used to pay “earnings” to prior investors since the businesses actually generated meager revenues and no profits. To induce investors to invest funds, it is alleged that Wragg and Knorr repeatedly made false representations and material omissions about the economic state of their businesses.
Between 2005 and 2009, Wragg, Knorr, and McKelvy, through Mantria, intended to raise over $100 million from investors through Private Placement Memorandums (PPMs). In actuality, they raised $54.5 million. Wragg and Knorr were allegedly able to raise such a large sum of money through the efforts of McKelvy. McKelvy operated what he called “Speed of Wealth” clubs which advertised on television, radio, and the Internet, held seminars for prospective investors, and promised to make them rich. According to the indictment, McKelvy taught investors to liquidate all their assets such as mutual funds and 401k plans, to take out as many loans out as possible, such as home mortgages and credit card debt, and invest all those funds in Mantria. During those seminars and other programs, Wragg, Knorr, and McKelvy allegedly lied to prospective investors to dupe them into investing in Mantria and promised investment returns as high as 484%.
It is further alleged that Wragg, Knorr, and McKelvy spent a considerable amount of the investor money on projects to give investors the impression that they were operating wildly profitable businesses. Wragg, Knorr, and McKelvy allegedly used the remainder of the funds raised for their own personal enrichment. Wragg, Knorr, and McKelvy allegedly continued to defraud investors until November 2009 when the SEC initiated civil securities fraud proceedings against Mantria in Colorado, shut down the company, and obtained an injunction to prevent them from raising any new funds. A receiver was appointed by the court to liquidate what few assets Mantria owned.
In order to lure prospective investors, it is alleged that Wragg, Knorr, and McKelvy lied and omitted material facts to mislead investors as to the true financial status of Mantria, including grossly overstating the financial success of Mantria and promising excessive returns.
“The scheme alleged in this indictment offered investors the best of both worlds—investing in sustainable and clean energy products while also making a profit,” said Memeger. “Unfortunately for the investors, it was all a hoax and they lost precious savings. These defendants preyed on the emotions of their victims and sold them a scam. This office will continue to make every effort to deter criminals from engaging in these incredibly damaging financial crimes.”
“As alleged, these defendants lied about their intentions regarding investors’ money, pocketing a substantial portion for personal use,” said Sweeney. “So long as there are people with money to invest, there will likely be investment swindlers eager to take their money under false pretenses. The FBI will continue to work with its law enforcement and private sector partners to investigate those whose greed-based schemes rob individuals of their hard-earned money.”
If convicted of all charges, the defendants each face possible prison terms, fines, up to five years of supervised release, and a $1,000 special assessment.
The criminal case was investigated by the FBI and is being prosecuted by Assistant United States Attorney Robert J. Livermore. The SEC in Colorado investigated and litigated the civil securities fraud charges which formed the basis of the criminal prosecution.
An indictment is an accusation. A defendant is presumed innocent unless and until proven guilty.
This content has been reproduced from its original source.
Second Quadrennial Technology Review (QTR)
From the U.S. Department of Energy:
No challenge poses a greater threat to our future than climate change.
Today, the Energy Department released the second Quadrennial Technology Review (QTR), which identifies hundreds of clean energy research opportunities and makes clear that America has the technological know-how and innovative spirit to move to a low-carbon economy.
As the American energy landscape transforms, the QTR provides the Energy Department, the private sector, and research institutions a foundation to inform decisions about the portfolio of R&D investments to explore in the years to come.
Read and download the QTR here:http://bit.ly/QTR2015 #ActOnClimate
No challenge poses a greater threat to our future than climate change.
Today, the Energy Department released the second Quadrennial Technology Review (QTR), which identifies hundreds of clean energy research opportunities and makes clear that America has the technological know-how and innovative spirit to move to a low-carbon economy.
As the American energy landscape transforms, the QTR provides the Energy Department, the private sector, and research institutions a foundation to inform decisions about the portfolio of R&D investments to explore in the years to come.
Read and download the QTR here:http://bit.ly/QTR2015 #ActOnClimate
Wednesday, September 9, 2015
Duke Energy Renewables more than doubles its North Carolina solar portfolio - Duke Energy
CHARLOTTE, N.C. -
Duke Energy Renewables today announced it has completed four solar power projects in Eastern North Carolina, adding 30 megawatts (MW) of solar in the state.
The projects are located in the towns of Creswell, Everetts, Battleboro and Sunbury.
Duke Energy Renewables more than doubles its North Carolina solar portfolio - Duke Energy
PNNL: News - PNNL to tackle future grid challenges through new facility, capabilities
Laboratory integrates advanced power grid and smart buildings research, demonstrations
PNNL: News - PNNL to tackle future grid challenges through new facility, capabilities
PNNL: News - PNNL to tackle future grid challenges through new facility, capabilities
NextEra Energy and Hawaiian Electric Merger Represents Best Path to Achieving Hawai'i's 100 Percent Renewable Energy Goal
From NextEra Energy:
These commitments, which were made as part of filings with the Hawai‘i Public Utilities Commission (PUC), strengthen and underscore the broad range of benefits that the merger will deliver, including customer savings of nearly $465 million and economic benefits to Hawai‘i of approximately $500 million in the first five years following the close of the merger – a total of nearly $1 billion in customer savings and economic benefits. Customers also will benefit from NextEra Energy’s ability to accelerate the development of more modern grids throughout the islands through the deployment of smart meters, including time-of-use rate options, as well as improvements to overall service, reliability and performance. In addition, NextEra Energy reinforced its commitment to the communities served by Hawaiian Electric and the state of Hawai‘i by pledging to maintain HEI’s current levels of charitable giving for at least 10 years and to keep Hawaiian Electric locally managed.
“Our expanded set of commitments is a clear reflection of the thoughtful input we have received from many key stakeholders, including the Governor and the Consumer Advocate,” said Eric Gleason, president of NextEra Energy Hawaii, LLC. “We fully embrace Hawai‘i’s goal of 100 percent renewable energy by 2045 and believe this partnership represents the best path forward to achieving this goal – the most ambitious of its kind in the nation. This is a goal that will be accomplished by many people working together collaboratively, and we hope to play a major role in that effort. As the world’s leading generator of renewable energy from the wind and sun, we are well positioned, alongside Hawaiian Electric, to partner with the state to achieve its 100 percent renewable portfolio standard by 2045, as well as integrate more rooftop solar, modernize the electric grids and lower customer bills. We will continue to listen, learn and constructively engage with stakeholders and communities throughout the state – including Gov. Ige and his administration – as we respond to questions and present our vision to the PUC.”
“Achieving Hawai‘i’s 100 percent renewable energy goal is of critical importance to all of us and we firmly believe that the combination of NextEra Energy and Hawaiian Electric will best position our state to realize this future,” said Alan Oshima, Hawaiian Electric’s president and chief executive officer. “As one of the world’s most innovative companies, NextEra Energy’s expertise and resources will significantly accelerate our efforts to strengthen Hawai‘i’s energy infrastructure, lower customer bills and continue our active support of our local communities. In NextEra Energy, we have a partner whose corporate values closely align with our local values to do what’s best for customers and our communities. NextEra Energy has underscored this with a substantial set of commitments to the state of Hawai‘i.”
Delivering Nearly $1 Billion in Customer Savings and Economic Benefits to Hawai‘i
Creating Modern Electric Grids by Accelerating Deployment of Smart Meters to Improve Service, Reliability and Performance for Customers
NextEra Energy’s utility, Florida Power & Light Company (FPL), is leading the industry in grid modernization. Having deployed more than 4.8 million smart meters and more than 12,000 intelligent devices, FPL’s smart grid is recognized as one of the most advanced grids in the nation and one of the most comprehensive, full-scale deployments of its kind. FPL’s smart grid, which includes smart meters as the foundation for all the associated smart grid technologies, has delivered measurable operational savings and strong customer benefits, including improvements in efficiency, reliability and customer service. FPL will continue to leverage this smart technology investment to develop new tools to enhance service reliability and deliver even more value for customers.
Committed to Charitable Giving Levels for a Minimum of 10 Years After Merger Close
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.0 billion, approximately 44,900 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 13,800 employees in 27 states and Canada as of year-end 2014. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of “World's Most Admired Companies.” For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Company
Hawaiian Electric and its subsidiaries, Maui Electric and Hawai‘i Electric Light, serve the islands of O‘ahu, Maui, Lāna‘i, Moloka‘i and Hawai‘i, home to 95 percent of the population of Hawai‘i. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE), which has been named one of “America's 100 Most Trustworthy Companies 2015” by Forbes.
In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawai‘i. For more information, visit www.hawaiianelectric.com.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “predict,” and “target” and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE and HEI caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE’s or HEI’s plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI’s bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction, including the value of a potential tax basis step up, may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the “Risk Factors” section of HEI’s or NEE’s most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). These risks, as well as other risks associated with the merger, are more fully discussed in the definitive proxy statement/prospectus that is included in the Registration Statement on Form S-4 that NEE filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE’s and HEI’s reports filed with the SEC and available at the SEC’s website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and neither NEE nor HEI undertakes any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
August 31, 2015
NextEra Energy and Hawaiian Electric Merger Represents Best Path to Achieving Hawai'i's 100 Percent Renewable Energy Goal
New Filings Detail Nearly $1 Billion in Customer Savings and Economic Benefits
NextEra Energy Estimates Per Residential Customer Savings of Roughly $345-$475 for the First Five Years
The Combination Would Accelerate the Development of Modern Smart Grids Throughout the Islands
NextEra Energy Affirms its Commitment to At Least $2.2 Million in Charitable Giving for a Minimum of 10 Years
NextEra Energy Commits to Keeping Hawaiian Electric Locally Managed
JUNO BEACH, Fla., and HONOLULU – Aug. 31, 2015 – NextEra Energy, Inc. (NYSE:NEE) and Hawaiian Electric Company, Inc., Hawai‘i Electric Light Company, Inc. and Maui Electric Company Limited (collectively referred to as Hawaiian Electric), subsidiaries of Hawaiian Electric Industries, Inc. (NYSE:HE) (HEI), today provided additional extensive details on NextEra Energy’s plans for its merger with HEI, including a comprehensive package of 85 commitments, of which more than 50 are new, that would accelerate the achievement of Hawai‘i’s goal of an affordable, 100 percent renewable energy future by 2045.These commitments, which were made as part of filings with the Hawai‘i Public Utilities Commission (PUC), strengthen and underscore the broad range of benefits that the merger will deliver, including customer savings of nearly $465 million and economic benefits to Hawai‘i of approximately $500 million in the first five years following the close of the merger – a total of nearly $1 billion in customer savings and economic benefits. Customers also will benefit from NextEra Energy’s ability to accelerate the development of more modern grids throughout the islands through the deployment of smart meters, including time-of-use rate options, as well as improvements to overall service, reliability and performance. In addition, NextEra Energy reinforced its commitment to the communities served by Hawaiian Electric and the state of Hawai‘i by pledging to maintain HEI’s current levels of charitable giving for at least 10 years and to keep Hawaiian Electric locally managed.
“Our expanded set of commitments is a clear reflection of the thoughtful input we have received from many key stakeholders, including the Governor and the Consumer Advocate,” said Eric Gleason, president of NextEra Energy Hawaii, LLC. “We fully embrace Hawai‘i’s goal of 100 percent renewable energy by 2045 and believe this partnership represents the best path forward to achieving this goal – the most ambitious of its kind in the nation. This is a goal that will be accomplished by many people working together collaboratively, and we hope to play a major role in that effort. As the world’s leading generator of renewable energy from the wind and sun, we are well positioned, alongside Hawaiian Electric, to partner with the state to achieve its 100 percent renewable portfolio standard by 2045, as well as integrate more rooftop solar, modernize the electric grids and lower customer bills. We will continue to listen, learn and constructively engage with stakeholders and communities throughout the state – including Gov. Ige and his administration – as we respond to questions and present our vision to the PUC.”
“Achieving Hawai‘i’s 100 percent renewable energy goal is of critical importance to all of us and we firmly believe that the combination of NextEra Energy and Hawaiian Electric will best position our state to realize this future,” said Alan Oshima, Hawaiian Electric’s president and chief executive officer. “As one of the world’s most innovative companies, NextEra Energy’s expertise and resources will significantly accelerate our efforts to strengthen Hawai‘i’s energy infrastructure, lower customer bills and continue our active support of our local communities. In NextEra Energy, we have a partner whose corporate values closely align with our local values to do what’s best for customers and our communities. NextEra Energy has underscored this with a substantial set of commitments to the state of Hawai‘i.”
Delivering Nearly $1 Billion in Customer Savings and Economic Benefits to Hawai‘i
- NextEra Energy estimates that the combination will deliver overall customer savings of nearly $465 million and economic benefits for the state of Hawai‘i of approximately $500 million in the first five years following the close of the merger.
- The estimated nearly $465 million in customer savings include $172 million in capital expenditure savings, $133 million in savings from a four-year general base rate case moratorium, $60 million in guaranteed rate savings from forgoing a portion of the increase in revenues due to decoupling, $67 million in fuel savings, post-rate moratorium $30 million in non-fuel operating and maintenance cost reductions, and $3 million in lower interest expense.
- NextEra Energy estimates that the cumulative net savings per residential customer of Hawaiian Electric by island for the first five years (2016-2020) after the completion of the merger ranges from roughly $345-$475, for an average across all islands of nearly $400.
- NextEra Energy commits to establish a $10 million customer benefit fund paid over four years following the close of the merger to be used at the PUC’s discretion for what it deems appropriate and in the public interest.
Creating Modern Electric Grids by Accelerating Deployment of Smart Meters to Improve Service, Reliability and Performance for Customers
- NextEra Energy is committing to accelerate Hawaiian Electric’s deployment of smart meters, including time-of-use rate options, by approximately two years. Smart grid technology will provide Hawaiian Electric with greater ability to manage its electric grids, including faster detection and restoration of outages, and will give customers unprecedented access to information about their energy usage and pricing options to help them better manage their energy costs.
- NextEra Energy will coordinate with key customers in developing updated emergency response plans for Hawaiian Electric and will file the plans with the PUC within 12 months of the merger’s completion.
NextEra Energy’s utility, Florida Power & Light Company (FPL), is leading the industry in grid modernization. Having deployed more than 4.8 million smart meters and more than 12,000 intelligent devices, FPL’s smart grid is recognized as one of the most advanced grids in the nation and one of the most comprehensive, full-scale deployments of its kind. FPL’s smart grid, which includes smart meters as the foundation for all the associated smart grid technologies, has delivered measurable operational savings and strong customer benefits, including improvements in efficiency, reliability and customer service. FPL will continue to leverage this smart technology investment to develop new tools to enhance service reliability and deliver even more value for customers.
Committed to Charitable Giving Levels for a Minimum of 10 Years After Merger Close
- NextEra Energy commits to corporate giving of at least $2.2 million annually for a minimum of 10 years post-closing, consistent with HEI’s 2014 charitable giving.
- NextEra Energy is committing to broad, Hawai‘i-focused geographic representation on the local, independent Hawaiian Electric advisory board that will be established. NextEra Energy commits that the board will include members from the counties of O‘ahu, Maui and Hawai‘i.
- NextEra Energy will prepare an annual Hawai‘i-specific Corporate Responsibility Report that tracks its progress in operating as a Hawai‘i business, including how it is living up to the Hawai‘i values of kuleana, mālama pono and aloha.
- NextEra Energy is committed to supporting local control and governance and has reaffirmed its proposal to preserve local headquarters, local management and the Hawaiian Electric name.
- NextEra Energy has committed to ensuring that Hawaiian Electric will have the same independent authority as NextEra Energy’s two other principal businesses in approving capital expenditures up to $20 million without additional approvals.
- NextEra Energy commits to make available incremental internship programs and recruiting opportunities above those already made available by Hawaiian Electric. This commitment includes adding the University of Hawai‘i System to the list of colleges and universities at which NextEra Energy recruits candidates for employment opportunities nationwide.
- NextEra Energy also has reaffirmed its commitment that, for at least two years after closing, there will be no involuntary layoffs as a result of the transaction and compensation and benefits offered will be substantially comparable to those provided prior to the merger. In addition, NextEra Energy has committed to honor all existing union labor agreements.
- NextEra Energy is the world’s largest producer of renewable energy from the wind and sun.
- As a result of its efforts, in 2014, NextEra Energy had one of the lowest emissions profiles of any utility in North America.
- Since 2001, FPL’s investments in high-efficiency, natural gas energy centers have enabled the company to cut its use of foreign oil by more than 99 percent – from more than 40 million barrels to less than 1 million barrels annually today. Since 2001, the effectiveness of these investments has saved FPL customers more than $7.5 billion on fuel costs and prevented more than 85 million tons of carbon emissions.
- Since 2003, FPL and NextEra Energy Resources in total have completed more than 101 major capital projects totaling nearly $27 billion, with the overwhelming majority of those projects completed on time and under budget.
NextEra Energy, Inc.
NextEra Energy, Inc. (NYSE: NEE) is a leading clean energy company with consolidated revenues of approximately $17.0 billion, approximately 44,900 megawatts of generating capacity, which includes megawatts associated with non-controlling interests related to NextEra Energy Partners, LP (NYSE: NEP), and approximately 13,800 employees in 27 states and Canada as of year-end 2014. Headquartered in Juno Beach, Fla., NextEra Energy's principal subsidiaries are Florida Power & Light Company, which serves approximately 4.8 million customer accounts in Florida and is one of the largest rate-regulated electric utilities in the United States, and NextEra Energy Resources, LLC, which, together with its affiliated entities, is the world's largest generator of renewable energy from the wind and sun. NextEra Energy has been recognized often by third parties for its efforts in sustainability, corporate responsibility, ethics and compliance, and diversity, and has been ranked in the top 10 worldwide for innovativeness and community responsibility as part of Fortune's 2015 list of “World's Most Admired Companies.” For more information about NextEra Energy companies, visit these websites: www.NextEraEnergy.com, www.FPL.com, www.NextEraEnergyResources.com.
Hawaiian Electric Company
Hawaiian Electric and its subsidiaries, Maui Electric and Hawai‘i Electric Light, serve the islands of O‘ahu, Maui, Lāna‘i, Moloka‘i and Hawai‘i, home to 95 percent of the population of Hawai‘i. Hawaiian Electric's parent company is Hawaiian Electric Industries (NYSE: HE), which has been named one of “America's 100 Most Trustworthy Companies 2015” by Forbes.
In a changing world, the Hawaiian Electric Companies are taking the lead in adding renewable energy and developing energy solutions for their customers to achieve a clean energy future for Hawai‘i. For more information, visit www.hawaiianelectric.com.
FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as “may,” “will,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “predict,” and “target” and other words and terms of similar meaning. Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. NEE and HEI caution readers that any forward-looking statement is not a guarantee of future performance and that actual results could differ materially from those contained in any forward-looking statement. Such forward-looking statements include, but are not limited to, statements about the anticipated benefits of the proposed merger involving NEE and HEI, including future financial or operating results of NEE or HEI, NEE’s or HEI’s plans, objectives, expectations or intentions, the expected timing of completion of the transaction, the value, as of the completion of the merger or spin-off of HEI’s bank subsidiary or as of any other date in the future, of any consideration to be received in the merger or the spin-off in the form of stock or any other security, and other statements that are not historical facts. Important factors that could cause actual results to differ materially from those indicated by any such forward-looking statements include risks and uncertainties relating to: the risk that NEE or HEI may be unable to obtain governmental and regulatory approvals required for the merger or the spin-off, or required governmental and regulatory approvals may delay the merger or the spin-off or result in the imposition of conditions that could cause the parties to abandon the transaction; the risk that a condition to closing of the merger or the completion of the spin-off may not be satisfied; the timing to consummate the proposed merger and the expected timing of the completion of the spin-off; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the transaction, including the value of a potential tax basis step up, may not be fully realized or may take longer to realize than expected; disruption from the transaction making it more difficult to maintain relationships with customers, employees or suppliers; the diversion of management time and attention on merger and spin-off-related issues; general worldwide economic conditions and related uncertainties; the effect and timing of changes in laws or in governmental regulations (including environmental); fluctuations in trading prices of securities and in the financial results of NEE, HEI or any of their subsidiaries; the timing and extent of changes in interest rates, commodity prices and demand and market prices for electricity; and other factors discussed or referred to in the “Risk Factors” section of HEI’s or NEE’s most recent Annual Reports on Form 10-K filed with the Securities and Exchange Commission (the “SEC”). These risks, as well as other risks associated with the merger, are more fully discussed in the definitive proxy statement/prospectus that is included in the Registration Statement on Form S-4 that NEE filed with the SEC in connection with the merger. Additional risks and uncertainties are identified and discussed in NEE’s and HEI’s reports filed with the SEC and available at the SEC’s website at www.sec.gov. Each forward-looking statement speaks only as of the date of the particular statement and neither NEE nor HEI undertakes any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
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